Ken's Continuing Successes with EO's system

I say this all the time , it is what YOU can see that will make you a trader , NOT you trying to see what others can. Like any other skill the more you do it the easier it is to see where you should do something and it should be clear and you should feel comfortable doing it . Not worry or question yourself.

It happens to not make you any money then you have to understand that they aren't all going to. But if you fret and worry and can't see the why then you can make yourselves crazy.

Think of miracles for a moment. I am not a religious person by any means but I have seen people get cured of seemingly incurable issues. That even doctors call miracles. Know of a person that meditated for good while that their eye sight would improve so that they wouldn't have to wear reading glasses. They actually accomplished that goal.

Their eye doctor was talking to them about it and they told him they had just envisioned themselves with good eyesight with no need to wear glasses and it happened.

The doctor went on to describe what would have had to taken place physically for that to happen. They told him yes if I had all that understand of WHY IT COULDN'T work then maybe I would not have had enough believe to see myself fixing it.

The idea behind that story and our trading is the same information overload and your having the capabilities to process all that information. This is why I tell everyone focus on what you can SEE then add to it. Having one good trading idea is really all a person should need to succeed.

I also agree that just because everyone else trades the gbp primarily doesn't mean that the other pairs should be forsaken. The less traffic on a pair the less volatility and clearer the moves.

Just keep doing what your doing and it will come to you , IT has to come you can't force it. the best you can do is to look over charts after trading and find YOUR setup and think about how it would look in REAL time.

Like a 1 and 5 o'clock entry will be printing a opposite color candle when you should have entered. Learn to see that in your minds eye that way when you see it in real life it isn't confusing .

You can even go so far as too paste your chart in Paint and change the candles to what they will look like during a entry .


Just some ideas to fast track your learning curves.

Trade Happy Ken

What helped me a great deal during the early days was having a screen grab ready and taking the grab as soon as I had pressed buy or sell. That way I got used to seeing the before and after and then you learn very quickly to spot your setup as well as some nice reference points for you to look back over.

Here are some post to my sister this am . some may find something of interest in them.




[6:40:56 AM] Kenneth Lee: your skype entry time looks right for the gbp short
[6:41:12 AM] Kenneth Lee: a retest of the 35/50
[7:02:42 AM] Kenneth Lee: grabbed a 16 pip scalp off gbp 5 o'clock off the 5 ema 5:30 your time
[7:03:04 AM] Kenneth Lee: might should have held it ,, BUT a bird in the hand ,
[7:04:57 AM] Kenneth Lee: in at 1.60697 out at 1.60535
[7:05:19 AM] Kenneth Lee: first retrace after that big drop could drop much more
[7:05:38 AM] Kenneth Lee: but have had a decent week and not willing to risk to much this time of day
[7:05:52 AM] Kenneth Lee: Not when major moves happen
[7:05:58 AM] Kenneth Lee: normally
[7:06:35 AM] Kenneth Lee: should have waited for it to retest the bottom line I have at 1.6040
[7:08:31 AM] Kenneth Lee: around 140 pips this week so far
[7:10:02 AM] Kenneth Lee: need to raise my % only at 16% gain this week
[7:10:12 AM] Kenneth Lee: but trying not to push to hard
[7:10:37 AM] Kenneth Lee: get steady gain
[7:11:19 AM] Kenneth Lee: will increase next week by 30%
[7:11:41 AM] Kenneth Lee: like from $1 to $1.3
[7:12:07 AM] Kenneth Lee: hard to be serious but trying
[7:13:59 AM] Kenneth Lee: going to stay around 1.5% for a while if not always . Seem to get to emotional when I trade 2 to 3%.
[7:14:15 AM] Kenneth Lee: 1.5% is $1.5 per $1000 to me
[7:14:25 AM] Kenneth Lee: not figured by stop as that varies
[7:15:16 AM] Kenneth Lee: glad I closed now nice bullish pin
[7:15:54 AM Kenneth Lee: E/U had the same trade though a retest of the 35/50 cross
[7:17:56 AM] Kenneth Lee: I think One of my many problems is I don't have many losers so I don't deal with them very good. Let em run to far sometimes . That is my Number one issue. So trading less helps me cut them short. Haven't had a loss this week yet. around 6 or 7 trades
[7:19:51 AM] Kenneth Lee: I guess i should log my trades , To see what is failing and what i am thinking when I take them . Might start a journal on FF to log screen shots with captioning. plus maybe the added peer pressure would force me to close when I should
[7:20:30 AM] Kenneth Lee: gbp coming back down after the pin , should I enter long in the wick ? hell NO!!
[7:20:50 AM] Kenneth Lee: The pin is not in a over extended position
[7:21:05 AM] Kenneth Lee: a pin should be PROUD to be considered
[7:21:32 AM] Kenneth Lee: In other words the wick should be a low point of current price action
[7:22:07 AM | Edited 7:23:35 AM] Kenneth Lee: In this area a wick below my s/r with the body closed above would be a luvly entry signal for a retracement
[7:22:23 AM] Kenneth Lee: but also would be counter-trend to the current move
[7:22:38 AM] Kenneth Lee: so a TP of around the 00 would be prudent
[7:23:02 AM] Kenneth Lee: E/U is still the better short
[7:23:11 AM] Kenneth Lee: trying to break that 200 sma
[7:23:20 AM] Kenneth Lee: also a 00 below there
[7:24:36 AM] Kenneth Lee: when price starts consolidating at the bottom like now if it pulls back up a 5 o'clock off the 10 or 21 might be the next move
[7:25:20 AM] Kenneth Lee: they tend to make what I have called in the past step trades as it starts to turn . Making small steps back up off all the MA's
[7:27:28 AM] Kenneth Lee: look at the top I have a line a 1.6175 you can clearly see the steps off the ma's 21 then 50 then it broke the 50 and retested twice those were your entries this am.lower highs then the break was the first lower low
[7:28:44 AM | Edited 7:29:11 AM] Kenneth Lee: so the opposite can happen here at the bottom . but this time of day with markets opening and lunch ending in the UK news maybe coming out , PA can get moved in strange ways, so look for the best setups and protect well.
[7:30:59 AM] Kenneth Lee: gbp keeps closing above my TP , but still trying to push lower at some point the buyers might be overwhelmed
[7:33:06 AM] Kenneth Lee: this is why when this s/r -ppa area gives way we see a large candle. It is like rocking a stuck in the mud truck back and forth when it finally breaks free it shots forward or backward for that matter . Which is why if you try and turn on a line your stop is close below . If it proves to be a false break you can re-enter a bit higher after it has turned back up for real.
[7:33:37 AM] Kenneth Lee: After a failed break then look for your first higher low before trying another long
[7:33:52 AM] Kenneth Lee: double bottom
[7:34:01 AM] Kenneth Lee: if it doesn't break
[7:34:11 AM] Kenneth Lee: 1.60412
[7:34:20 AM] Kenneth Lee: right on the line
[7:35:05 AM | Edited 7:35:43 AM] Kenneth Lee: looking at oz and swizzy and u/j don't see anymore dollar strength
[7:36:05 AM] Kenneth Lee: so not adding to this drop of the gbp
[7:45:26 AM] Kenneth Lee: But I could have held for the retest of the bottom on my trade and got a bit over 20
[7:45:40 AM] Kenneth Lee: oh well but 45 min later it was

see the PROUD pin bottom of 15 min GBP chart? If I had been here and not at Waffle house I would have taken the long on the next candles retest of the wick stop below the bottom of wick ,

The bottom of the wick is where i have a Daily (red) s/r-ppa line as well
so confluence is a bonus

since I have missed it I have to wait for the STEPS, a higher low to find a entry, but more news coming out and FOMC minutes at 2 eastern today has a tendency to stall price action . So may just watch a movie instead.

Yeah, it also sat on 1.6 big no. I missed this one too. (I was trading with EU & EJ at the moment)

chart

Sorry I misunderstand

I probably would go long too after these 3 pins in a row and sat on half no (higher low too). But long play was really against the main trend then could be a second thought..

Thanks
Eric

I might have finally taken a long not because of the pins but because the s/r below seemed to be holding. One reason I wouldn't have was it was right at 8:00 am ,30 Minutes from a bit of news.

It at times can seem overwhelming to some that all these things need to be considered for each trade, But with time it gets easier and easier to consider them, Plus like news they tend to come out the same time each day , so it is a easy thing to just chaeck and see if there is something scheduled for that day.

Eric, I Hope your trading is progressing ,, Cheers, Ken

Tks Ken,

Yes, my trading have no huge profit, but it is still in smooth progress. You know I used to play scalping trades and bit different from you guys here. Don't want to disturb your thread so didn't post much. But I really enjoy to read the posts here, cos we all trade with price action.

Hope you and all guys here well too.
Cheers
Eric

I’m demo trading this system and I made two profitable SHORT trades today using the EUR/USD pair.

Here is the 4H EUR/USD Chart used to set the 4H PPA.

http://sites.google.com/site/fxpassion/Feb174HPPA.jpg


Here is the 15M EUR/USD Chart where the trades where triguered using PA.

http://sites.google.com/site/fxpassion/Feb17Trades.jpg


I’m not sure if I’m doing things right or I was lucky today, any advice is greatly appreciated.

_______________
Haydel

I'm finally making some good progress after a terrible last two weeks , which wiped out 10% of my account. I was taking way too many 'revenge trades' and really trying to trade reversals when there were not enough signs. reading your charts has cleared up the key problem: I wasn't looking at the peaks of each move in relation to other peaks, which show weakness/strength of the larger move. Thanks for your continuing help Ken and co. much appreciated
Pete

Please tell me that you lost 10% of a demoaccount.

nope, was a real account, i got angry and revenge traded as i said for a while, oh well im building it back up now.

Don't worry to much about it, Just shake it off and keep going, As you stated you know what you did and now know to watch out for, I am sure in the scheme of things that your 10% is a lot less than most who try trading have lost before getting it anywhere right.

Plus most business start-ups fail as well and those that don't are happy to start turning a profit in a couple of years. So keep it up the good work and get past the bad.

This is the hardest part of trading, emotions. Whether it be the I can't fail feeling that getting it right to much causes or the I am Pissed attitude that results in bad judgment just like most bad things that happen in our daily life's as well.

When you hit a rough spot take a break for as long as it takes to clear your head , Then take out your notes and check off the parts of your trading plan instead of relying on just your attitude.

But don't stress over this to much it will come and the rewards as anything worth doing is worth the work required to get there.

Trade With High Hopes , Ken

a couple of OZ trades I took last night. total of only 17 pips plus had a short of E/U for 24 , Had a target for right above the s/r - ppa line 1.3645 or the 31.8 % fib , Should have left it alone . But SOoooo DArnnn Slowwww.

One way I am attacking the issue of holding trades longer . It requires the right entry and then a nice move through a area of interest I have predetermined on my charts.

I know these lines on OZ aren't that far a part on this chart but everything is relative that is a low ATR pair . But we take the best setups which YOU SEE CLEARLY, , They do spread out at different levels. plus it is a slow day

e/u

Here`s some more about todays AU pair

Nice chart ,, Thanks for your input and views . spot on as well..Ken


Here is a quick scalp i took off a e/j daily line for 37 , Anything that was moving that fast is , to me anyway just a oddity so I get what I can . Sometimes your right like this one other times you leave some on the table.